·
Organizational
information
ü Employees must be able to obtain and
analyze to many different levels, formats and granularities of organizational
information to make decision
ü Successfully collecting, compiling, sorting
and analyzing information can provide tremendous insight into how an
organization is performing
·
The
value of timely information
ü Timeliness is an aspect of
information that depends on the situation :
-
Real-time information – immediate up-to-date information
-
Real-time system – provides real-time information in
response to query requests
·
The
value of quality information
ü Business decisions are only as good
as the quality of the information used to make the decisions
ü You never want to find yourself using
technology to help you make a bad decision faster
ü Characteristic of high-quality
information include :
-
Accuracy
-
Completeness
-
Consistency
-
Uniqueness
-
Timeliness
·
Understanding
the cost of poor information
ü The four primary sources of low
quality information include :
I.
Online
customers intentionally enter inaccurate information to protect their privacy
II.
Information
from different systems have different entry standards and formats
III.
Call
center operators enter abbreviated or erroneous by accident or to save time
IV.
Third
party and external information contains inconsistencies, inaccuracies and
errors
ü Potential business effects resulting
from low quality information include :
-
Inability
to accurately track customers
-
Difficulty
identifying valuable customers
-
Inability
to identify selling opportunities
-
Marketing
to nonexistent customers
-
Difficulty
tracking revenue due to inaccurate invoices
-
Inability
to build strong customer relationship
·
Understanding
the benefits of good information
ü High quality information can
significantly improve the chances of making a good decision
ü Good decision can directly impact an
organization’s bottom line
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